Take Proper Steps When a Member Declares Bankruptcy
By Andrea Brescia
With almost 800,000 bankruptcy filings in 2016 alone, chances are that someone living in your community will declare bankruptcy at some point. And the likelihood grows if your association is in the South, where the highest numbers of bankruptcies are recorded. With one filing, the member living in your community goes by the new name of “debtor” on official documents. And just like that, the way you deal with this member must shift dramatically.
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